The Story of Money

Money & Family · 2 min read

Allowance: Should You Pay Kids for Chores?

Different allowance approaches, how much to give, and how to use an allowance to teach saving and responsibility.

Glass jars filled with more and more coins, each with a bigger growing plant

There's no single right way to handle allowance. What matters is that it teaches something.

Three common approaches

  • Earned: paid for specific chores. It teaches that money comes from work.
  • Unconditional: a set amount to practice managing money, with chores expected as part of the family.
  • Hybrid: a base amount plus extra for bigger jobs.

Tips

  • Be consistent: same day, same amount.
  • Shift some expenses to them as they grow, such as entertainment or extra clothes.
  • Match their savings occasionally to show how growth works.

Updated November 15, 2026. General education only, not financial advice.